The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Totals Debits 5,500 Credits 2,500 5,500 11,500 4,000 3,500 8,000 9,500 0 0 0 0 0 25,000 25,000 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $4,000. The cost of the merchandise was $2,500. The company uses the perpetual inventory system. 2 Purchased equipment on account for $6,000 from the Strong Company. 4 Received a $100 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. 8 Sold merchandise on account for $5,500. The cost of the merchandise was $3,300. 10 Purchased merchandise on account for $9,750.